File GSTR-3B by Nov 30, 2024, to Claim Pending ITC for FY 2023-24 The deadline for claiming Input Tax Credit for Financial Year 2023-24 is fast approaching. The final deadline to claim any outstanding Input Tax Credit or correct errors in GST returns for the financial year (FY) 2023-24 is November 30, 2024. This is …
Income Tax Department identify cases where capital gain tax has not been paid by land owners : The Income Tax Department’s recent focus on capital gains tax compliance under Section 45(5A) of the Income Tax Act emphasizes the importance for landowners (individuals and HUFs) involved in Joint Development Agreements to meet their tax obligations. Here’s …
Overview on RBI Penalties is not a ‘Supply’ Under GST law : The recent ruling by the Maharashtra Authority for Advance Ruling on RBI penalties and GST offers a clear interpretation in alignment with Goods and Service Tax laws and guidelines. AAR has delivered an important clarification regarding the taxability of penalties, late fees, penal …
File Fresh declaration required for Goods Transport Agency Services Managing billing under both Forward Charge Mechanism and Reverse Charge Mechanism for a transporter client involves meticulous compliance with GST regulations. Services to unregistered persons or those transporting exempt goods fall under FCM. Services to specified entities (as per RCM rules) fall under RCM. Unregistered Transporter …
GST Returns to Become Time-Barred After 3 Years The upcoming change in the GST system, effective from early 2025, will significantly impact taxpayers by imposing a 3 year time limit for filing monthly and annual GST returns. Under the Finance Act, 2023 (8 of 2023), effective from October 1, 2023, via Notification No. 28/2023 – …
IIIPI Advisory for IIIPI Members on Fulfilling CPE Hours Requirement The Indian Institute of Insolvency Professionals of ICAI advises its members to comply with the Continuing Professional Education requirements prescribed by the Insolvency and Bankruptcy Board of India to maintain their professional competency and eligibility. IIIPI emphasizes the importance of proactive planning to meet CPE …
Impact Analysis of Section 43B(h) Amendment on timely Payments to MSME Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, playing a pivotal role in creating jobs and contributing to GDP. Finance Minister Nirmala Sitharaman has emphasized the critical role of MSMEs in India’s economy and reaffirmed the government’s dedication to ensuring …
Direct Tax Code 2025 brings making compliance Easier The Direct Tax Code 2025 brings several significant changes aimed at simplifying the tax system and making compliance easier. These changes aim to modernize India’s direct tax system, simplify filing, improve compliance, and attract investment, especially by aligning the tax code more closely with global standards. Benefits …
Summarized list of 30 points on GST officers & their powers The following points outline the comprehensive powers and responsibilities of GST officers under the Goods and Services Tax law, ensuring adherence to tax regulations and efficient tax administration. Classes of Officers: Various officer ranks like Principal Chief Commissioner, Commissioner, etc., under Goods and Services …
Checklist for incorporating a Private Limited Company in India Ensure all the following documents are correctly filled out, signed, and submitted to avoid delays in the incorporation process. Digital Signature Certificate : Ensure all subscribers and directors have valid DSCs. Director Identification Number : Obtain DIN for all directors if not already issued. Company Name: …